Robinhood Clarifies OpenAI Token Structure as Not True Equity

Robinhood CEO Vlad Tenev has clarified that the platform’s tokens tied to OpenAI are not technically shares in the company, though they’re designed to provide similar economic exposure for investors.

In an interview with CNBC, Tenev explained that the tokens are backed by “Robinhood’s ownership stake in a special purpose vehicle” (SPV) rather than direct equity in OpenAI itself.

Earlier this month, OpenAI issued a warning that the tokens circulating on Robinhood do not represent actual equity ownership. The AI company also emphasized that any transfer of real equity stakes would require its explicit approval — approval it has not granted.

“In and of itself, I don’t think it’s entirely relevant that it’s not technically an equity instrument,” Tenev told CNBC. “What’s important is that retail customers have an opportunity to get exposure to this asset.”

Robinhood is not alone in using this structure. Other platforms have employed SPVs to allow retail investors to indirectly access pre-IPO companies.

One notable example is Linqto, which offered retail investors exposure to private companies by purchasing shares through SPVs on secondary markets. However, Linqto recently filed for bankruptcy, casting uncertainty over what rights or claims its customers — now creditors — actually hold in those investments.

Among the companies Linqto offered exposure to was Ripple (XRP). Ripple’s CEO, Brad Garlinghouse, has since sought to distance the company from Linqto’s troubles.

“We stopped approving more Linqto purchases on secondary markets in late 2024 amid growing skepticism,” Garlinghouse tweeted earlier in July.